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Value Added Tax Penalties in the United Arab Emirates Abstract: Value Added Tax (VAT) is an indirect tax levied on consumption or the use of goods and services at each stage in the chain of its production and distribution; from raw material to its final sale based on the price…
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Bollywood Deals: Music Meets Dance Who isn’t a fan of Dilwale Dulhaniya Le Jayenge? The lens takes us to the romance set in the mountains of Switzerland to a typical wedding household in India with dance, music, drama, and emotion. Bollywood is one of the most prolific centers of film…
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BEPS (OECD?) - Massive Changes to Taxation of International Business I. Introduction BEPS stands for ‘Base Erosion and Profit Shifting.’ The BEPS plan was launched during the 2008 global reccession. The notion behind this launch was threefold: Firstly, to revise the international tax structure; Secondly, to align the framework with…
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Capital Gains Tax in the UK: How are Non-Residents Liable? "The power of taxing people and their property is essential to the very existence of government." - James Madison Tax is an amount that is paid by either individuals or corporations towards the government of the jurisdiction at which…
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Guide on Tax in UAE, Saudi Arabia, Kuwait, Bahrain and Oman Introduction: Gulf co-operation council is the abbreviated form of GCC. It came into force in 1981. It is the union of all Arab state except Iraq and UAE is one of its member states. Saudi Arabia has head first…
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Non-Resident Capital Gains Tax on United Kingdom Real Estate: A New Regime Introduction The legislation encompassing the new regime for taxing non-residents’ gains on the United Kingdom (the UK) commercial real estate came into effect on 6th April 2019. Her Majesty’s Revenue and Customs (the HMRC) has additionally published…
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Panorama of Customs Duty in India Part I We all have read in our childhood or seen in movies that how centuries ago, to enter a kingdom, a merchant with his merchandise had to give some gift to the king. In due course, this tradition has formalized and now given…
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Base Erosion and Profit Sharing (BEPS)- Tax Evasion of Multinational Corporations OLD WINE IN A NEW BOTTLE Before 1961, there was a minimal focus on national tax laws upon the multinational corporation’s tax and digital economy because during that time no country taxed the foreign source. During that time the…
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GST IS HERE! GST (the Goods and Services Tax) is finally here just like winter in Game of Thrones. The much-awaited indirect-tax regime was honored with the throne…
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The Fine (and Hazy) Line between Tax Avoidance and Tax Evasion ‘The difference between tax avoidance and tax evasion is the thickness of a prison wall.’ - Denis Healey Keeping in mind the contradiction between the heading of this article and the quotation above, I wish to draw your attention to…
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LEGAL UPDATE: UAE CABINET DECISION 52 OF 2017 CONCERNING EXECUTIVE REGULATIONS ON VAT LAW The UAE Cabinet Decision 52 of 2017 on the executive regulations (the Executive Regulations) of the Federal Decree Law Number 8 of 2017 on Value Added Tax (the VAT Law) has shed light on the details…
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Boarding Complete: An Islamic Rendering Part II of II In our previous issue, we discussed the Shariah principles of ijara, simple ijara, ijara wa iqtina, ijara mawsufa fi al dimmah, istisna’a, and how ijara and mawsufa fi al dimmah work. Our attorney’s had detailed the different types of leasing provided…
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Keeping it Simple: Federal Law Number (8) of 2017 on Value Added Tax The UAE's new governing law regarding VAT is the Federal Decree-Law Number (8) of 2017 (the Law). According to Article (1) of the Law defines Value Added Tax as ‘tax levied on import and/ or supply…
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Too Much of FATCA! Renowned author and entrepreneur, Mark Twain, once said, ‘tax is a fine for doing well; whereas, a fine is a tax for doing wrong.' Now, the question on hand is which one of the two the Foreign Account Tax Compliance Act (the FATCA) would get unseated!…
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